Need urgent Help Directors Loan written as Creditors

[Marishres]

Hi All!

I have submitted 2014 and 2015 management a/c where my accountant has written CREDITOR in stead of Directors. 2016 mgmt a/c I am going to submit in 1 or 2 weeks time.I have invested £70,000 where I have withdraw 20,000 as i needed money. I am applying in the mid of february .
My question is
Can i submit the submitted mgmt account again??
Will it b fine if i submit 2016 mgmt account only or do i need to submit all 3?
As i have withdraw 20k will it be an issue??

Many thankx

[zimba]

I have submitted 2014 and 2015 management a/c where my accountant has written CREDITOR in stead of Directors.

That is not acceptable for award of points

Can i submit the submitted mgmt account again??

You better do it as the rules require your name in the accounts opposite the loan

Will it b fine if i submit 2016 mgmt account only or do i need to submit all 3?

No need to submit all

As i have withdraw 20k will it be an issue??

No as long as the most recent account shows the correct director's loan amount

[tier1in2014]

Hi Zimba , what if on balance sheet at says as

CREDITORS
Amounts falling due after more than one year

2016 2015
£xxxxxx £xxxxxx

And under the notes section

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Unsecured directors loan XYZ Directors name 2016 £xxxxxx 2015 £xxxxxx

My accountant told me on balance sheet can't have any name due to HMRC rules if there is only one Director . But accountant can put the name under Notes section and as well as can add a line .

"The Director XYZ has invested £xxx by the way of Loan which is unsecured and subordinate in favor of third party creditors''

Will this be sufficient to award the points . Thanks

[zimba]

http://www.immigrationboards.com/uk-tie ... 08860.html

[tier1in2014]

Hi Zimba , our accountant was able to add the line on balance sheet also and under notes also but he did with only first initial and surname . Will there be issue with first initial only or it has to be full name . There is no directors full name anywhere on accounts . I am not sure if that can problem or shell I ask to amend them again . Thanks

Balance sheet

CREDITORS
Amounts falling due after more than one year
Unsecured directors loan XYZ directors name £xxxxx. ( But he has only added as with First initial and surname )

in notes sections as

Unsecured directors loan XYZ directors name (again with first initial only) £xxxxx

XYZ directors name (again with first initial only) has invested £xxxx (2015: £xxxx) in to the business. The loan is unsecured and subordinated in favour of third party creditors.

[zimba]

Full name. I remember there was a refusal because of this

[tier1in2014]

Thanks lot zimba I am glad I asked as it was also doubt in my mind . I will get them change but how about rest part is that fine or any amendments will required . And I believe accountant only has to sign one place with completion report and director also need to sign only at one place on accounts . Please correct me if I am wrong about signatures. Accountant has also gave us copy of CT600 which is 6 pages per year . Do directors need to sign that also anywhere . Thanks

[samaygrg]

Thanks lot zimba I am glad I asked as it was also doubt in my mind . I will get them change but how about rest part is that fine or any amendments will required . And I believe accountant only has to sign one place with completion report and director also need to sign only at one place on accounts . Please correct me if I am wrong about signatures. Accountant has also gave us copy of CT600 which is 6 pages per year . Do directors need to sign that also anywhere . Thanks

Some board-members had refusals because of not supplying the initialized payslips and RTI reports.

[tier1in2014]

Thanks lot zimba I am glad I asked as it was also doubt in my mind . I will get them change but how about rest part is that fine or any amendments will required . And I believe accountant only has to sign one place with completion report and director also need to sign only at one place on accounts . Please correct me if I am wrong about signatures. Accountant has also gave us copy of CT600 which is 6 pages per year . Do directors need to sign that also anywhere . Thanks

Some board-members had refusals because of not supplying the initialized payslips and RTI reports.

Thanks I will make sure I get that done. I have another query regarding Full name on accounts . On my business statement show as J wright Directors Loan £xxxxx (only first initial and surname )

But on my personal bank statement shows as John Wright £xxxxx (Full name but no Directors loan )
I have done online transfer from personal to business . There is limit on number of words in reference part so all it fits in there is Directors Loan . I will be providing personal and business statements . Will there be any issues with these bank statements . Thanks

[samaygrg]

Thanks I will make sure I get that done. I have another query regarding Full name on accounts . On my business statement show as J wright Directors Loan £xxxxx (only first initial and surname )

But on my personal bank statement shows as John Wright £xxxxx (Full name but no Directors loan )
I have done online transfer from personal to business . There is limit on number of words in reference part so all it fits in there is Directors Loan . I will be providing personal and business statements . Will there be any issues with these bank statements . Thanks

[/quote]

There shouldn't be any issues but better get an account confirmation letter where full name and account details quoted from your bank.